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iAero Airways and Affiliates Commence Voluntary Chapter 11 Reorganization to Address Legacy Capital Structure and Support Transformation

Continue to operate without interruption providing safe and reliable service

Enter process with a restructuring support agreement and approximately $22.5 million of committed DIP financing from its senior lenders

MIAMI, F.L., September 19, 2023 – iAero Airways, a U.S. FAA Part 121 certified air carrier and the largest B2B passenger charter and cargo air carrier in the U.S., announced that, in order to implement a restructuring transaction and assure long-term viability, it and certain of its affiliates have filed voluntary petitions for Chapter 11 reorganization in the U.S. Bankruptcy Court for the Southern District of Florida – Miami Division. In connection with the filing, the company has the support of its senior secured lenders in the form of a restructuring support agreement and a commitment for approximately $22.5 million in debtor-in-possession financing, which allows iAero Airways to operate business as usual, continuing to provide safe and reliable service to its customers. iAero intends to maintain normal operations throughout the process, including continuing all customer flights as scheduled.

“Our customers remain our top priority and they can continue to depend on us for the same safe, reliable travel and high-quality service they know and expect from us,” said Timothy Rainey, President of iAero Airways. “After careful consideration, our board determined it was necessary to take this step now to address our financial strength and restructure certain of our contractual relationships and legacy balance sheet liabilities. We believe this Chapter 11 filing provides the most effective means to restructure with minimal impact on the business and our customers and we are committed to moving through this process as expeditiously as possible so the company can emerge from Chapter 11 well-positioned to maximize our long-term prospects for the benefit of our customers, employees and other stakeholders.”

The company is optimistic about its long-term future upon emergence as it stabilizes its businesses following a global pandemic that placed unprecedented pressures on the airline industry and significantly deleverages its balance sheet during these Chapter 11 cases.

The company is filing motions today with the Court seeking relief that will ensure the company’s continued ability to conduct normal operations, including the ability to provide the payment of employee wages, healthcare coverage, vacation and other benefits, all without interruption; honor pre-petition obligations to critical vendors; and provide continued safe and reliable flight service to its contract counterparties and partners.

The company is supported by King & Spalding LLP and Berger Singerman LLP as legal counsel, Jefferies LLC as investment banker, and Alix Partners, which is providing interim management services. Additional information is available at Stakeholders with questions can contact the Company’s Claims Agent, Kroll LLC, at

About iAero Airways

iAero Airways is the largest B2B passenger charter and cargo air carrier in the U.S. and is based in Greensboro, N.C. and Miami, F.L. Originally founded in 1997 as Swift Air, the Company has a 20+ year history of safety, growth, and diversification. In 2019, Swift Air was acquired by iAero Group and rebranded as iAero Airways. The Company is an FAA Part 121 certified air carrier.

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